OTOVO: Otovo Enters Agreements for $11 Million Green Panel Acquisition, Expanding its Behind-the-Meter Energy Services Business

Company's 8th and largest acquisition to date is expected to extend its
AI-powered energy service platform to 15 European markets and unlock a major new
OEM partnership

Oslo, Norway, August 24, 2026 - Otovo ASA (Euronext Oslo Børs: OTOVO; "Otovo"),
a leading provider of behind-the-meter energy services for homes and businesses,
today announced definitive agreements for its $11 million acquisition of Green
Panel Solar Energy Systems Ltd. ("Green Panel"), which will be the company's
eighth and largest acquisition to date. 

The combination creates operations spanning 15 European markets, giving Otovo
what it believes is the largest dedicated behind-the-meter service footprint in
Europe by country coverage. The enlarged platform brings together profitable
field services, logistics warehouses in every market served, AI-driven customer
inventory management, and round-the-clock command-center, dispatch and
technician capabilities.

Highlights
o	Green Panel is expected to add $12.8 million in 2026 revenue and $2.9 million
in adjusted EBIT, which if realized will create an immediately profitable
addition to Otovo's platform
o	Combined operations span 15 European markets, giving Otovo what it believes is
Europe's largest dedicated behind-the-meter energy service footprint by country
coverage
o	EnduranceTM now manages field operations, warehouses and customer inventory
across the enlarged network, giving Otovo real-time control and visibility, and
customers faster, more reliable service

"Green Panel changes the scale of what Otovo can do in Europe, and we are
thrilled to welcome David Touti and the Green Panel team," said William (John)
Berger, Chief Executive Officer of Otovo. "This is a profitable business with
proven field execution that fits directly into our platform. Together, we have
the reach, the people and the technology to serve homes, businesses and major
equipment partners across the continent. This is our eighth acquisition, our
largest to date, and a defining step in building the leading behind-the-meter
energy services company in Europe."

"The scale and reach of this combination will let us win substantially more
business with large customers across Europe," said David Touti. "I'm excited to
lead Otovo's European operations and to deliver the best service to customers
across the continent."

Green Panel provides field service, replacement, maintenance and logistics for
residential and commercial solar, battery, EV-charging and load-management
systems. Headquartered in Tel Aviv, Israel, it operates Israel's largest solar
power command-and-control center and brings a profitable business with
established operations in Hungary. The deal expands Otovo's footprint to 15
European markets, with Israel serving as a launchpad for growth across the
broader EMEA region.

The strategic fit is especially strong in Europe: the combination brings
together a multi-country customer platform, logistics warehouses and EnduranceTM
with Green Panel's certified field execution, command-center operations and
dispatch. EnduranceTM supports advanced inventory control and visibility,
enabling faster service across the combined European network.

Transaction Details 

The Transaction consists of two SPA's comprising (i) the acquisition of Adma
Holdings Ltd. (the "Adma Transaction"), a holding company holding approximately
51% of the issued shares of Green Panel, and (ii) the acquisition of the
remaining part of Green Panel (the "Green Panel Transaction"). Both agreements
are signed today, and closing remains subject to certain conditions precedent
with a long stop date of 15 October 2026 and 15 March 2027 for the Adma
Transaction and the Green Panel Transaction respectively. The Green Panel
Transaction is subject to the completion of the Adma Transaction, but in the
event that the Green Panel Transaction does not close, the Adma Transaction will
remain final and binding.

The total purchase price of USD 11 million is subject to customary adjustments
for, inter alia, working capital and net debt pursuant to the share purchase
agreements, and will be settled through a combination of cash and new shares in
Otovo. It is expected that Otovo, as a result of the transactions will issue
shares as consideration to the sellers in Green Panel (the "Consideration
Shares") for a total amount of approximately USD 6,000,000. Completion of both
transactions remains subject to certain conditions, including satisfactory
completion of a financial review, and may in certain circumstances not be
completed at all. The Consideration Shares will, subject to closing, be issued
at a subscription price of NOK 11.4596 which represents the 30 day' VWAP of the
Company's shares per 20 August 2026. The Consideration Shares will from the time
of issuance be subject to a 12 month' lock-up period.  

About Otovo
Otovo is an AI-Native behind-the-meter energy services company serving homes and
businesses across 15 European markets, Israel and the United States. Otovo
combines equipment monitoring, rapid repairs, dependable power supply and grid
participation in one service. EnduranceTM, Otovo's AI platform, monitors
installed equipment, optimizes service from problem detection to resolution and
coordinates repairs around the clock. "Your Power, Backed by Ours."TM Otovo is
listed on Euronext Oslo Børs under the ticker OTOVO. Visit us at otovo.com.

Forward-Looking Statements

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include, among others, market conditions, regulatory developments, competitive
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Contacts

Matt Dallas
917-363-1333
matt.dallas@icrinc.com

DISCLOSURE REQUIREMENT: This information is considered to be inside information
pursuant to the EU Market Abuse Regulation and is subject to the disclosure
requirements in section 5-12 of the Norwegian Securities Trading Act. The stock
exchange announcement was published by Eleanor Gilbane, general counsel, at the
time and date stated above in this announcement.
 and is subject to the disclosure\
requirements in section 5-12 of the Norwegian Securities Trading Act. The stock\
exchange announcement was published by Eleanor Gilbane\, general counsel\, at the\
time and date stated above in this announcement.\